Insurance Tech Firm Withdraws IPO Plans

Zebu has withdrawn a $64 million initial public offering due, primarily, to sour market conditions. The San Francisco-based high tech firm, which serves the insurance industry by offering solutions for streamlining the insurance application process, does not plan to proceed with the IPO at this time.

Zebu expected to use IPO proceeds to expand technology and for sales, marketing and general corporate purposes. The company’s offering was to be managed by Deutsche Banc Alex Brown, U.S. Bancorp Piper Jaffray and Cochran Caronia & Co.